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The Duke and Duchess of Sussex announced the arrival of their first-born son earlier this week to the delight of the nation.

As for a number of new parents, taking care of their child financially should be a priority for the royal couple. A Junior Isa (Jisa) could be just what they need. Parents can take out a Jisa for any child under the age of 18.

However, for Harry and Meghan, they will have to check the tax implications, as most children born to an American parent automatically become US citizens as well.

America is one of only two countries to tax its citizens’ income abroad and the Inland Revenue Service views everything withdrawn from an Isa as income.